© jirsak dreamstime.com
Business |
indie Semiconductor to merge with Thunder Bridge Acquisition II
indie Semiconductor, a company focused on next generation automotive semiconductors, and Thunder Bridge Acquisition II, a special purpose acquisition company, have entered into a definitive agreement for a business combination that would result in the combined entity continuing as a publicly listed company.
Upon closing of the transaction, the combined operating entity will be named indie Semiconductor, Inc. and will be listed on the Nasdaq Stock Market. The transaction reflects an implied equity value for the combined company of roughly USD 1.4 billion.
indie is knee-deep in trends spanning ADAS/Autonomous, Connectivity, User Experience and Vehicle Electrification. Today, indie’s automotive semiconductor portfolio addresses a USD 16 billion market, according to IHS, which is expected to exceed USD 38 billion by 2025 driven by strong demand for silicon and software content in automobiles.
“Thunder Bridge II has found an outstanding merger partner in indie Semiconductor,” says Gary Simanson, president and CEO of Thunder Bridge II, in a press release. "Donald McClymont and his team have established a leadership franchise with a differentiated product offering, having shipped over 100 million units to Tier 1 automotive suppliers globally. By virtue of our combination, we believe that indie will have the financial firepower to accelerate the Company’s strategic growth initiatives and help create an Autotech pureplay powerhouse.”
“indie is empowering the Autotech revolution with our highly innovative system solutions,” adds Donald McClymont, indie’s co-founder, chairman and chief executive officer. “Our mixed signal SoC platforms are enabling a diverse set of rapidly emerging automotive megatrends that have reached an inflection point. Accordingly, we are excited to partner with Thunder Bridge II at this key growth juncture to capitalize on our existing design win pipeline, extend indie’s product reach, drive scale and further consolidate within Autotech, ultimately creating shareholder value as a public company.”
Upon the closing of the transaction, the combined company will be led by indie’s management team. Prior to founding indie, Donald McClymont held executive roles at Axiom, Skyworks and Conexant. He is joined by Co-founder and President Ichiro Aoki, Ph.D., and Co-founder and Chief Technology Officer Scott Kee, Ph.D., as well as Chief Financial Officer and EVP of Strategy, Thomas Schiller.
